Binance's Support for Terra Luna Classic Network to Upgrade User Experience

Author: Khyathi Dalal | September 12, 2023 10:01am

Crypto exchange giant Binance (CRYPTO: BUSD) extended support for Terra Luna (LUNC) Classic’s latest upgrade for bringing major changes to the chain.

The Terra Luna Classic community collectively approved the proposal — 99.85% “Yes” votes — for the v2.2.1 core upgrade submitted by L1 Terra Classic Task Force (L1TF) developer group.

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The upgrade will happen at a block height of 14,514,000. Deposits and withdrawals of tokens will be dropped through the Terra Classic network an hour before the upgrade. During the upgrade, spot, and margin trading of LUNC and USTC on the Terra Classic (LUNC) network will continue to operate normally.

The upgrade includes cosmos SDK upgrade, tendermint migration to CometBFT, IBC-go to v6, and wasmd. It also implements earlier passed changes including splitting the burn tax to the distribution module.

The crypto exchange company will handle all technical requirements for all users, and it will reopen deposits and withdrawals once the network is assumed stable. This will be notified to users in another announcement. 

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At the time of writing, LUNC was trading 2.4% higher for one-day trading while the past one-month trading shows a decrease of 25.1%. USTC price was up 1.3% for today’s trading while 30-day loss stands at 17.9%.

In July 2023, Binance announced support for the ongoing upgrade of Terra which came in immediately after the network began operations for the Terra Classic v2.4.0 upgrade.

See Also: Binance To End Polygon NFTs

Posted In: $BUSD $LUNC